UCO Bank clarifies on 'merger of 4 PSU banks' report, calls it 'factually incorrect'

On Monday, stock exchanges BSE and NSE sought clarification from UCO Bank regarding a report claiming a merger of UCO Bank with Bank of Maharashtra, Central Bank, and Punjab & Sind Bank. UCO Bank rejected the report as “factually incorrect,” stating that merger decisions fall under government authority and that it has received no such communication. UCO Bank’s shares closed at Rs 54.69, a 0.16% decline, though they have gained 36.69% in 2024 and 94.63% over the past year. The stock is trading above its 150-day and 200-day SMAs, with a 14-day RSI of 45.35, and has a P/E ratio of 39.60.